Bitreserve Adds 7 Currencies as Pegging Options, Hits $2M Crowdfunding Goal

Bitreserve has added seven more fiat currencies to its supported assets: the three commodity currencies: CAD, AUD and NZD, plus HKD, SGD, ILS and KES.

Bitreserve uses Bitcoin as a backbone for Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, pegging all deposits to fiat currencies or commodities to avoid its Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term.

The additions bring the total number of supported fiat currencies to 15, which already include USD, EUR, GBP, CHF, JPY, CNY, MXN and INR. Four precious metals are supported as well: gold, silver, platinum and palladium.

Anthony Watson, who was recently appointed as Bitreserve's President and then also as Chief Executive Officer, commented:

"Money is global: every new currency we add brings us closer to Bitreserve’s vision to create an inclusive and fair way for people to use, hold, change and spend it. Each of these geographies represents a thriving digital ecosystem and we are thrilled to be able to offer each one a way to transact in their own currency for free on our cloud money platform and to start to leave behind the cumbersome and expensive legacy banking systems of old."

The startup, founded by Halsey Minor, has raised nearly $12 million for its platform, including $2 million on BnkToTheFuture. The latest round offers a 2.4% stake in the startup, implying a valuation of $83 million.

It recently launched its API and developer community Bitreserve Connect, and reports recent surges in transaction volume.